Spanish Stocks Slip Below Support, DAX Retreats at Double Top

Published April 29th, 2009 - 08:21 GMT
Al Bawaba
Al Bawaba

Index Strat Risk Target
FTSE      
DAX       
CAC 40      


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FTSE 100                                                                                                                                                                                                                                             

Long-term Technical Outlook





There is little change to the outlook for the FTSE 100.  5 waves down from the 2007 high are complete and A 3 wave advance is underway now.  Short term structure is not clear (everything from the March low).  Let the pattern play out and we’ll look to identify the end of the correction.




Short-Term Technical Outlook


The FTSE is once again testing support at a rising trend line that has guided the index higher since early March. A break lower would see support at the intersection of the 100-day moving average and the 61.8% Fibonacci retracement.


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DAX 30                                                                                                                                                                                                                                                 

Long-term Technical Outlook